Indian refiners are seeking guidance from New Delhi on the future of Russian purchases after President Donald Trump announced the world’s third-largest oil importer would stop taking Moscow’s crude in exchange for lower trade tariffs.

Trump announced that India has agreed to stop buying Russian oil and increase purchases from the US after months of trade pressure and tariff threats over New Delhi's energy ties with Moscow.

“We spoke about many things, including Trade, and ending the War with Russia and Ukraine.”

Indian industry has welcomed lower tariffs, but experts caution against celebration until details are clearer.

President Trump says India has agreed to stop buying Russian oil as part of a trade deal with the United States.

U.S.-listed shares of major Indian companies rallied on the news.